Refuge Estate Improvement Account

> Refuge Estate Improvement Account

Refuge Estate Improvement Account

This product is designed to enhance the value of housing estates in partnership with the residents associations and facility managers. The products will focus only on financing expenditures that aim to improve the external ambience of the existing estate through the following:

  1. asset acquisition
  2. improvement of facilities
  3. redevelopment of the estate
  4. upgrading of infrastructure within the estate

Basic Features

  • Minimum opening and operating balance of =N=100,000.00
  • Estate must have a minimum of 20 housing units to qualify
  • Only registered residents associations qualify
  • The association must have an account with the bank
  • Security to be provided by facility manager
  • The association must have operated an account with RMB for at least 6 months
  • Must be guaranteed by 2 eligible residents of the estate with verifiable net worth
  • Turnaround time of 24 hours subject to submission of all documents

Pre-approval requirements

  • A signed application letter
  • A filled application form
  • Submission of copy of title documents
  • Satisfactory legal search on title documents
  • Credit checks on 2 credit bureaus i.e. XDS and CRC

 Post- approval requirements

  • Duly accepted offer letter
  • Perfection of title documents or transfer of property to RMB
  • Letter of guarantee from 2 guarantors (estate residents)
  • 2 undated cheques from 2 guarantors for full amount and interest
  • Payment of upfront fees
  • Property insurance policy on property being used as collateral